TREASURER Wayne Swan has been left red-faced after letterbox-dropping voters in his electorate and claiming he had "delivered" a Budget surplus, months before ditching what was only ever a promise.

The government yesterday hit back and accused the Opposition of peddling untruths in its own campaign material, saying its recent "Real Solutions" manifesto claimed to be "fully costed and budgeted" when it was not.

The Opposition yesterday revealed in question time that Mr Swan was among at least 10 Labor MPs who sent constituents a taxpayer-funded pamphlet "Australia's economic report card" after last year's Budget.

The pamphlet claimed "we've delivered a surplus, on time, as promised", despite the government only forecasting a surplus in the Budget.

Mr Swan in December quietly ditched the pledge, saying it was now "unlikely".

Mr Swan said the government had made the right decision to protect growth and jobs after the economic circumstances had changed - including similar volatility to the global financial crisis.

He said the Opposition, if in power, would have cut spending, causing higher unemployment, higher deficits and debt.

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